Re: The world should implement a Single Global Currency by 2024.

Unless our society changes dramatically, a single currency will simply not be possible. Single currencies are only possible in areas which have a similar level of economic growth, and where free movement of goods, labour and capital balance out growth differences. Take Europe as an example - the Euro does okay, but countries can still get into trouble when their growth levels differ from the majority, as in this case they would normally set a different interest rate to adjust.

Italy is a big example. Through having a generally poor economy, corruption and bad politics, their economy has seriously stalled. Because it's growing much slower than the rest of the Euro area, it's finding it very difficult to cope (it needs a low interest rate to stimulate the economy) - there has even been talks of it having to drop out of the single currency, although I doubt that will happen.

The U.S.A manages to do fine with the single Dollar for a few reasons. Not only does it have complete free trade and free movement of labour between states, but it also has a unified language and culture, and broadly similar laws. Thus, free movement of labour is more of a reality than in the E.U, where most migration is from poorer countries to richer, and there isn't yet very high levels of labour between the main E.U countries (although this is present), mainly because of big language and cultural differences. Thus, capital and labour flows all America to largely balance itself out.

Unfortunately, the world is very, very far from getting to a state where a single currency is possible. We would first have to see the complete development of all third world countries, and complete free trade and free migration everywhere in the world for a significant period of time before global interest rates would be possible.

I believe that this could well happen one day, however I would suggest that we're still 200-300 years from that stage. However, it could happen faster - new wireless and renewable technologies are allowing poor countries to leap frog the need to build infrastructure, going straight to mobile phones, wireless technologies and de-centralised power generation. If Africa manages to get over its corruption and tribal differences then this could happen much sooner.

​There are two kinds of failure – but only one is honorable

Malcolm Gladwell teaches "Get over yourself and get to work" for Big Think Edge.

Big Think Edge
  • Learn to recognize failure and know the big difference between panicking and choking.
  • At Big Think Edge, Malcolm Gladwell teaches how to check your inner critic and get clear on what failure is.
  • Subscribe to Big Think Edge before we launch on March 30 to get 20% off monthly and annual memberships.
Keep reading Show less

Apple, Amazon, and Uber are moving in on health care. Will it help?

Big tech is making its opening moves into the health care scene, but its focus on tech-savvy millennials may miss the mark.

Apple COO Jeff Williams discusses Apple Watch Series 4 during an event on September 12, 2018, in Cupertino, California. The watch lets users take electrocardiogram readings. (Photo: NOAH BERGER/AFP/Getty Images)
Sponsored by Northwell Health
  • Companies like Apple, Amazon, and Google have been busy investing in health care companies, developing new apps, and hiring health professionals for new business ventures.
  • Their current focus appears to be on tech-savvy millennials, but the bulk of health care expenditures goes to the elderly.
  • Big tech should look to integrating its most promising health care devise, the smartphone, more thoroughly into health care.
Keep reading Show less

Harvard: Men who can do 40 pushups have a 'significantly' lower risk of heart disease

Turns out pushups are more telling than treadmill tests when it comes to cardiovascular health.

Airman 1st Class Justin Baker completes another push-up during the First Sergeants' push-up a-thon June 28, 2011, Eielson Air Force Base, Alaska. Participants were allowed 10 minutes to do as many push-ups as they could during the fundraiser. Airman Baker, a contract specialist assigned to the 354th Contracting Squadron, completed 278 push-ups. (U.S. Air Force photo/Airman 1st Class Janine Thibault)
Surprising Science
  • Men who can perform 40 pushups in one minute are 96 percent less likely to have cardiovascular disease than those who do less than 10.
  • The Harvard study focused on over 1,100 firefighters with a median age of 39.
  • The exact results might not be applicable to men of other age groups or to women, researchers warn.
Keep reading Show less

The colossal problem with universal basic income

Here's why universal basic income will hurt the 99%, and make the 1% even richer.

  • Universal basic income is a band-aid solution that will not solve wealth inequality, says Rushkoff.
  • Funneling money to the 99% perpetuates their roles as consumers, pumping money straight back up to the 1% at the top of the pyramid.
  • Rushkoff suggests universal basic assets instead, so that the people at the bottom of the pyramid can own some means of production and participate in the profits of mega-rich companies.
Keep reading Show less